Getting use to the atomic wallet ecosystem

in #blockchain2 years ago (edited)

Why use atomic wallet? 

As we know that the most reliable place to store cryptocurrency is a wallet that cannot suffer cyber attacks and be easy-to-use by the  users.

Cryptocurrency wallet is a blockchain that is constantly updated and available at any time. At present, there are two main types of crypto-currency storage - "cold" and "hot" storage. When the "hot" coin method is always available and requires access to the Internet, while "cold" storage does not need to be connected to the Internet, they are stored on personal devices, and they are considered the safest.

Atomic wallet chooses "cold" wallet storage. when passwords are stored on the client device, and not on the server and only he is responsible for that.

Thus,  Atomic wallet is a decentralized multi-purpose platform that provides users withh all the needed functionality to reduce the energy spent on managing crypto asset and thus,  it makes the managing of crypto assets more easy and secure. Atomic wallet is not just only a wallet but also has an Atomic exchange trade across a decentralized chain of electronic order books.

Atomic wallet uses a decentralized atomic swap to carry out cross-chain exchanges without third party interference. Atomic wallet device  a decentralized method to build a platform that is custody-free, transparent and safe for users to store and save their funds and digital assets. Atomic wallet is easy to use, simple, easy to understand and supports a large number of cryptocurrency and digital assets implemented on the Atomic wallet ecosystem.


Why did atomic wallet used Atomic Swap technology?

Atomic Wallet functions by exchanging Atom Swap cross-chain swaps that avoid the risk of third parties. Basically, when party A sends Coin A to the party's B Coin B address through the blockchain while party B does the same thing with Coin B. this happens independently on the parallel blockchain in a one-way, such setup increases the probability of one party never keep their agreement. One way to overcome this problem is the involvement of trusted third parties and cross-chain exchanges. On the other hand solving problems without the need for third parties. Also known as atomic cross-chain swaps,


HOW TO TRANSFER COINS/TOKENT

To send any coin or token to another address, copy the address needed and paste it in the receivers space. Select the amount and click Send. Your coin/token has been sent! Click on the hash to see the transaction status right on the blockchain.


How to Check Balance at Atomic Wallet

You can view your cryptocurrency wallet balance, because the Atomic Wallet is connected to block explorers. It's like a transaction book with the entire history of blockchain. When block explorer synchronizes your address, the balance will be automatically updated in the cryptocurrency wallet.  your relevant balance appears in the wallet interface, and you get automatic updates indicated in USD). Note: In some cases, it may take several minutes because the network might be overloaded. Your USD balance is calculated according to the relevant Coinmarketcap rate.

The main features of Atom Swap include the following;

  1. Execution of blockchain and peer-to-peer orders
  2. Fast and safe data transfer with Atomic Distributed Order Book
  3. Anti-spam distributed book and fraud protection
  4. Lowest transaction fee: for example, each party pays 0,0002 BTC and 0,0001 LTC to exchange BTC-LTC with any number of coins
  5. An order is an offer, not a commitment
  6. Order placement does not block customer funds
  7. Orders can be executed with multiple trades
  8. Offline traders cannot trade
  9. Execution is manual operation
  10. The maker is free to refuse execution

Little tasks needed to gain access to the wallet and maintain security are as follows: 

1: A personal password is required to carry out transactions carried out by the user; 

2: Backup phrases consisting of 12 words generated, serve as an additional opportunity to restore access to the wallet when the password is lost;

3: Encrypt all data stored on the user's device also contributes to data protection: Advanced Encryption Standard (AES) is a symmetric block cipher chosen by the US government to protect sensitive information and Transport Layer Security (TLS) is a protocol that ensures data confidentiality and integrity two communication applications.


The various Benefits of Atomic Wallet

• The wallet displays all the assets available  wallet, which will make it easy to navigate through many assets: 

• No need of going through rigorous process of registration.

• There are no restrictions on trading for every users

• there's no room for fake trade and orders which is prevalent in most of the available cryptocurrency exchanges 

• trades are executed with blockchain and the atomic swap technology leaving no room for any interference.

• users can trade anytime: just a few minutes is enough for this. 

• The entire trading process is secure and fast; 

• Integrated processes are committed to confidentiality warrantee: buyer data is continually anchored from digital attacks and hacking by fraudsters; 

• the atomic wallet is designed with the most user-friendly interface.

• the entire atonic ecosystem is decentralized in narure,  there's not any central body. 


How To Download Atomic Wallet

Atomic wallet is currently available on all OS such as MacOS, Ubuntu, Debian and Windows. to download the link, you can immediately check the official website at https://atomicwallet.io/


Conclusion

Apart from being a decentralized "cold wallet" (which means your private key is generated and stored offline), ATOMIC WALLET  gives you the ability to exchange tokens and it's quite easy to do so with their incorporated instant exchanges which are Changelly and shapeshift. I imagine this is very good for those who are usually restricted in certain regional jurisdictions.I feel the biggest advantage of this wallet is the phrase seed. When you make a wallet for the first time, it gives you the phrase 12 word seeds. This mnemonic seed produces the private key. You can view the private key and seed mnemonic phrases at any time in the settings options after you usually enter. But what makes Mnemonic seeds so strong and comfortable is that instead of trying to secure a long string of random numbers for your private key (you can still do this if you choose), you only need to secure the mnemonic seeds because it's basically your master's key. Even If your device got damaged , you can still easily retrieve your account by gaining access to Atomic Wallet software on other devices and using mnemonic seeds and BOOM! Business as usual.

GET IN TOUCH WITH THE ATOMIC WALLET

Website : https://atomicwallet.io/

Medium: https://medium.com/atomic-wallet

Telegram chat: https://t.me/atomicwalletchat

WRITTEN BY:

BAUCHI